§ 47-4507 — Program limitations.

District of Columbia § 47-4507

• Jurisdiction: District of Columbia
• Title 47: Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]
• Ch. 45: College Savings Program.

Text

(a) Nothing in this chapter shall be construed to:

(1) Confer upon a designated beneficiary rights or legal interest with respect to an account unless the designated beneficiary is the account owner;

(2) Guarantee that a designated beneficiary will be admitted to an institution of higher education;

(3) Create residency for an individual merely because the individual is a designated beneficiary; or

(4) Guarantee that amounts saved under the Program will be sufficient to cover the qualified higher education expenses of a designated beneficiary.

(b) Nothing in this chapter shall create, or be construed to create, an obligation or guarantee of the District of Columbia, its agencies or instrumentalities, or the Chief Financial Officer, for the benefit of an account owner or designated beneficiary with respect to:

(1) The rate of interest or other return on an account; and

(2) The payment of interest or other return on an account.

(c) Every contract, application, deposit slip, or other similar document that may be used in connection with a contribution to an account shall clearly indicate that the account is not insured by the District of Columbia and that the principal deposited to, or the investment return on, an account is not guaranteed by the District of Columbia.

Legislative History

Mar. 31, 2001, D.C. Law 13-212, § 2(b), 47 DCR 9457